Gold’s Bullish Breakout Faces Scrutiny
Gold’s pennant pattern breakout led to new highs, but weak momentum sparks concern. The precious metal’s next move hinges on key levels at $2,947 and $2,919.
Wednesday’s breakout above $2,943 reached a record high of $2,947. However, a potentially weak closing price today may signal a failed breakout. To confirm strength, gold needs to close above yesterday’s high of $2,937, ideally above last Friday’s high of $2,940.
Instead, gold risks closing below Tuesday’s high, trading below that level at the time of writing. The narrow price range suggests a lackluster bullish breakout, highlighting key near-term levels:
Key Levels:
$2,947: Resistance
$2,919: Support
A decisive move beyond these levels will dictate gold’s next direction.
Happy trading best wishes Tom